The US dollar index held above 98 on Tuesday, hovering near a three-week high as investors awaited the June consumer inflation report that could provide clues on how the Trump administration's tariffs have been affecting prices.
Federal Reserve Chair Jerome Powell recently indicated that inflation is expected to rise over the summer due to tariff pressures, reinforcing expectations that the Fed may delay interest rate cuts until later this year.
Meanwhile, concerns over central bank independence resurfaced as President Donald Trump renewed criticism of Powell, arguing that interest rates should be at 1% or lower.
On the trade front, Trump signaled willingness to engage in further tariff negotiations with the European Union and other key partners. However, he also warned of imposing secondary tariffs of 100% on Russia if a peace agreement with Ukraine is not reached within 50 days.
Source: Trading Economics
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